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 JAN 04, 2007
New Mortgage Scam Uncovered
A newly discovered scam referred to as "shotgunning" involves thieves who apply for multiple loans simultaneously. When they receive the funds from the loans, they promptly flee the country. Scams have amounted to the millions of dollars.


Most of the thieves have been identified by authorities as being members of what is called the Russian Mafia; and is being described as the fraud of the year. Paul Doman with Title Insurance Company reports that thieves have been able to obtain amounts over one million dollars out of a home, flee the country, and live a very goods life in their homeland.

Title companies such as First American are trying to take control over this scam by developing a network where title search applications can be matched in different company systems. This tool would help identify multiple searches being placed on a single property at a time to help prevent these types of loan from being made.

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